Takaful International Company enjoys the strategic support of its parent company, GIG-Bahrain, and Gulf Insurance Group, as well as synergies with them and the group's disciplined approach to corporate governance.
Following its annual review, AM Best has affirmed Takaful International’s ‘A-‘ (excellent) rating and the long-term issuer credit rating of ‘a-’, with a ‘Stable’ outlook for both ratings.
Takaful International is the first and only takaful company in Bahrain to be classified within the ‘A-’ financial and credit rating category. The ‘A-’ rating is the highest credit rating for takaful companies in the Kingdom.
The ratings reflect the company’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management.
Mr Essam Al Ansari, the chief executive of Takaful International, says that the credit rating validates the company's strong operating profits. He notes that this affirmation has enhanced the confidence of the company's clients and strengthened Takaful International's position as a market leader.
He also said, “AM Best's acknowledgment of Takaful International's business strategy, which is built on principles of financial discipline, transparency, and a commitment to corporate governance, reinforces our strong track record of consistent performance. The report from the international agency AM Best, coming amidst many challenges facing both the regional and global insurance markets, confirms the company’s ability to adapt to the volatile conditions of the insurance market while maintaining its financial stability and sustainable growth.”
Takaful International is the first Islamic insurance company in Bahrain. It was established in 1989. The company provides a wide range of insurance covers and products consistent with the principles of Islamic Shariah which serves the various needs of individuals and corporates. The company is a subsidiary of GIG-Bahrain.